Can the gifts for mudarabah accounts be in the form of cash through a lucky draw?

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Question: I am working at an Islamic bank. Our bank offers current and saving accounts based on qard and wadiah. We also offer  terms investment account based on mudharabah. From Shariah perspective, is it permissible for the bank to promote the deposits products by giving all depositors depositing not less than certain amount to stand a chance to win a lucky draws such as 100K for the 1st prize, 70K for the 2nd prize and 50k for the 3rd prize?

 

Answer

It is not permissible to make a promise to give away any gift whether it is in the form of cash or in material kinds to qard and wadiah based account as this will fall under the category of taking benefit from a loan. qard is loan. Wadiah in banking understanding is not ordinary wadiah or safekeeping, but rather wadiah yad al-doman, i.e. modified wadiah, since the bank will utilise the money and will guarantee to pay back the money to the depositors at any time they want to withdraw. But for some immaterial gifts like key chains etc, which is given to all depositors, it is permissible.

As for mudharabah, in principle, there is no such prohibition in giving away material gifts as long as in kinds. But the problem is when the gift is in the form of cash. It will trigger the issue of giving a guarantee in return/profit of mudharabah although it is done randomly. It is submitted that in mudharabah, the mudharib should not guarantee either the principle or the return/profit.

 

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